AFL Commission chairman Mike Fitzpatrick said the new deal will help the League grow its reach over the next decade.

"We need to continue to be the first choice for our elite and talented athletes, we need to strengthen our clubs at all levels, and we need to invest in the community level of our game," Fitzpatrick said.

"This agreement with News Corporation, the Seven Network and Telstra will allow us to make the right investment to keep our game strong."

He thought it was important the players "get a fair deal out of this".

Murdoch, whose company is yet to negotiate a deal with the NRL, said he believed the AFL was Australia's "premium" football code.

"This is a very significant investment for us. We've always believed that this is the premium code in Australia – it's the national game," Murdoch said.

"We're very happy to be doing this. We believe in the strength of the game and we'll do everything we can to make it stronger."

With the new deal, Channel Seven will show matches in high definition on free-to-air TV from 2017.

But Kerry Stokes revealed the broadcaster would search for ways to broadcast in HD before the next agreement kicks off.

"It's a matter under review. It's been a technical issue for the network, as you're aware, and we're reviewing it again this summer with the hope that we can find a way of bringing high definition to Melbourne," he said.

Stokes also backed Good Friday football: "We'd love to play football every day of the week – Good Friday included."

He said his network have made "suggestions" about switching the traditional afternoon Grand Final bouncedown to a later timeslot.

"We did make the point that … twilight games happen to get more ratings than day games do," Stokes said.

"And if one wants to be the most watched Grand Final in Australia it would seem sensible it might be at twilight. I hasten to say we have not put any conditions.

"The AFL control the schedule and we accept that."

Telstra boss Andy Penn said the milestone deal would see his company "continuing to provide you with the technology and the digital innovation that is really going to just transform the experience of fans watching AFL footy in the future".

The new agreement comes a week after the NRL confirmed a new four-year, $925 million agreement for free-to-air TV coverage with the Nine Network.

The rugby league deal has accelerated negotiations for the AFL rights.

Nine's deal with the NRL will involve four free-to-air games per week.

The NRL hopes its total broadcast rights deal will be worth around $1.7 billion once a pay TV deal is reached.